Lamar Advertising Company (LAMR) has released its financial results for the third quarter, showcasing a notable performance with their reported funds from operations (FFO) reaching $214.0 million. This marks a slight rise of 1.9% compared to the $210.0 million recorded in the same period of 2023. The company's adjusted funds from operations (AFFO) also showed an increase, reaching $220.7 million in contrast to $208.8 million, reflecting a 5.7% rise. The AFFO per share experienced a 5.4% increase, moving up to $2.15 from $2.04.
In terms of profitability, Lamar reported a net income of $147.8 million for the third quarter, compared to $140.4 million in the previous year, resulting in net income per share of $1.44, a slight increase from $1.37.
Analysts surveyed by Thomson Reuters had anticipated a profit per share of approximately $1.45 for the quarter, excluding any special items typically considered in earnings reports.
The company's net revenues stood at $564.1 million for the third quarter, reflecting a 4.0% increase from the $542.6 million in the third quarter of 2023. When adjusted for acquisitions, net revenue increased by 3.6% for the third quarter of 2024. However, these revenue figures fell short of analysts’ average expectation of $593.83 million.
